Yellen says clean energy tax credits will help Americans save money, more work needed
By David Lawder
BOSTON (Reuters) — U.S. Treasury Secretary Janet Yellen said on Wednesday that more work was needed to lower living costs for Americans but the Biden administration's clean energy tax credits will help save people money and shield them from future price volatility in fossil fuel energy.
Yellen, on a visit to a Boston community college to make a sales pitch for Inflation Reduction Act tax credits, said Biden administration policies have left Americans wealthier than they were before the COVID-19 pandemic despite inflation, adding that the median-income family can afford the same basket of goods as in 2019 with $1,000 to spare.
«But despite how far we’ve come, we know significant work remains to be done. For too many families, prices for goods that matter — such as groceries, rents, and prescription drugs — are high,» Yellen said in excerpts of remarks at Roxbury Community College.
«At the Treasury Department and across the Administration, we’re using all tools at our disposal to bring these costs down so that families have more breathing room,» Yellen added.
Biden has struggled to win credit from voters on his handling of the economy due to persistent inflation over the past two years, which is now easing. Yellen has said that as wage increases outpace prices, Americans will start to feel more confident in their financial situations.
Using clean energy tax credits are one area where Americans can mitigate the high and volatile cost of fossil fuels, which can bring «acute» financial pain for low-income and middle-class families.
«An oil price shock can mean choosing whether to put food on the table or stay warm, while shifting to clean energy means families will be better shielded from global events and
Read more on investing.com
